Outcome of the Board Meeting

New Delhi, May 15, 2009: The Board of Directors of IL&FS Engineering and Construction Company Limited met on 15th May 2009 in New Delhi and discussed and reviewed the following points:

  1. CDR Status – The Board in the last Board Meeting held on 9th May 2009 discussed and approved the proposed CDR Package. The Company has submitted CDR Flash Report with CDR Cell on Monday 11th May 2009. The Company officials attended before CDR Empowered Group on 14th May 2009 in Mumbai. The bankers may call for a meeting to further discuss the CDR Package which is likely to be scheduled during the next week.

  2. Reviewed the BOT projects of the Company.

  3. Reviewed the human capital situation in the organization and the requirement in current scenario. The Board also reviewed certain employee reward proposals and suggested the necessary steps to be taken.

  4. Reviewed all pending legal cases of the Company.